Normally, this money wins series is all about celebrating small victories. In past editions, I’ve shouted from the blog rooftops about everything from reversed credit card fees to rounding up paycheck pennies for charitable causes.
But you know what? It’s the start of a new year, and it’s time for some major motivation.
We made the second-largest mortgage payment that we’ve ever made. Why is it so significant? After we made the first one two years ago, I wasn’t sure we’d ever move a lump sum of money at our mortgage quite like that again.
After a ton of nose-to-the-grindstone side gigging this past year, though, we had the funds to do it again. And now our mortgage is at $120,000. It’s still six-figures, but it’s the celebrating side of six figures.
Why?
Even if we relax our pace significantly from the past few years, we are pretty much guaranteed a complete and total payoff by my 40th birthday. For real.
Obviously, I don’t have a crystal ball, and anything is possible–including black swans–but I’m feeling motivated and energized in a way that I haven’t felt in months, maybe even years. My mortgage finally feels like something we can conquer. My goal feels achievable, my dream seems doable.
I am excited.
But enough about me. There are plenty of other people doing HUGE things in personal finance. In fact, these three friends absolutely slayed their money, so it’s time to celebrate. Take it away, Amanda, Kudy, and Laura!
Amanda
What is your money win?
In 2018, I paid off my student loans & my car!
Why are you pumped?
My only remaining debt is my mortgage!
What can others learn from it?
That it is possible to pay off student debt. Yes, I was lucky, but I was also strategic. I think it’s important to share examples of Millennials paying off student loans. I graduated with roughly the average debt for a 2012 grad – about $30k. The car loan was $10k and I got an obscenely low-interest rate on it.
[Penny’s note: Yaaaaaaaaaaaaaaaaaaas! Too often, we only focus on the debt we *have*. And it seems insurmountable. Is there a ton of debt in the world? Yes. Are millennials unusually burdened with it? YES! But do you know what else we need to talk loudly about? Millennials like Amanda are doing awesome money things. Woohoo!]
Kudy at Monetary Musings
What is your money win?
I have successfully transitioned into part-time self-employment.
Why are you pumped?
I love having more flexibility and autonomy in my work.
What can others learn?
My side hustling helped me save a large buffer of cash that enabled me to try this experiment. It’s possible (in some industries) to transition out of a traditional job if you plan carefully.
Laura at Every Day By the Lake
What is your money win?
I recently got my first four-figure freelance payment.
Why are you pumped?
Having real money flowing is really validating. I CAN make a go of this self-employed thing. I know business is only going to pick up from here, too!
What can others learn from it?
There are other ways to make money outside of the 9-5. My full-time job provided me with a host of benefits and I don’t knock it. But it wasn’t right for me. If it isn’t right for someone else, they should know that there are other ways to make a living.
Final Thoughts on Money Wins
Money wins don’t have to be big to matter. In fact, most of the time when you win with money, it’s a small victory. But enough of those small victories combine to huge accomplishments.
That’s what I tell myself anyway. And if our mortgage payoff progress is any indication, I’m not wrong. Hooray!
If you missed any of the past money wins, check them out here:
Volume 1 – Kate, Revanche, Melody
Volume 2 – Jody, Aitza, Little Miss Fire
Volume 4 – Zero, Kat, Mystery Money Man
Volume 5 – Anna, Debra, Claudia
Volume 6 – Kate, Are We Adults Yet, Money Saved is Money Earned
Volume 7 – Leigh, $76K Project, Josh
Volume 8 – Jill, Verokina, Mr. Green
Volume 9 – Budget Epicurean, Felicity, Erin
Volume 10 – Kris, Revanche, Aaron
Volume 11 – My Plutus Nod & Jo-Anne
If you’d like to join the money win party, fill out this survey. Whether you are a blogger or a reader or both, you are welcome to party here!
So Tell Me…How are you winning with money lately?
Thanks for including my win, Penny! I have continued to “succeed” in self-employment, and I am really excited that last month I made a decent chunk *more* than my expenses 🙂
Having the mortgage paid off by 40 is huge! That will be such an amazing feat.
Wow! Congrats to all four of you for the money wins. Way to start off the year! I will definitely not have my mortgage paid in six months for my fortieth. Congrats to you—amazing job Penny!!
Oh gosh I’m loving watching your mortgage get smaller, Penny! We have the same mortgage payoff goal – by 40.
Congrats to Laura and Kudy on feeling some confidence in their self-employment plans!
Congrats to all!!! I still love these “tiny” money wins that are sometimes not so tiny!! They definitely help keep me motivated to pay off debt and continue saving!
I love reading these money wins. These stories always remind of when I made my last student loan payment. That was the last time I was ever in debt which was almost seven years ago. Feels great not to owe any debt to anyone….this is until we buy a home and have a mortgage. Hopefully this is the year we finally have a home to ourselves.
Thanks as always Penny for having these money wins stories!!
I love these! They’re so encouraging!
Yay! Celebrate every money win!
I’m working on it, Tre! 😉